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Goldman Sachs Predicts 2008-Style Housing Crash for Four U.S. Cities

Goldman Sachs has projected that four U.S. cities will experience housing collapses this year similar to what happened in the 2008 financial crisis. So reports Fox Business.

Goldman SachsAccording to the investment bank, decreases in home prices may exceed 25% in:

  • San Jose, California
  • San Diego, California
  • Austin, Texas
  • Phoenix, Arizona. 

For comparison, the S&P CoreLogic Case-Shiller index shows a 27% slide in 2008.

In a note to clients, Goldman Sachs forecast that home prices will dip through year-end as “interest rates will remain at elevated levels longer than currently priced in.”

Read the full article from Fox Business.

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